By Terryn Shiells, Commodity News Service Canada
WINNIPEG, July 23 – Canola contracts on the ICE Futures Canada platform were firmer at 10:45 CDT Wednesday, seeing an upward correction as the market was thought to be oversold, analysts said.
Slow farmer selling, as they wait to be more confident in their new crop prospects, was also helping to lift prices.
Further spillover support came from the gains seen in Chicago soybean and soyoil futures.
Ongoing worries about lower yield potential due to excess moisture or dryness in some parts of Western Canada added to the bullish tone.
However, good conditions for the US soybean crop and spillover from weakness in Malaysian palm oil and European rapeseed futures limited the advances.
Expectations that Canadian canola supplies will still be large in 2014/15 (Aug/Jul), despite production problems during the growing season, were also bearish.
As of 10:45 CDT Wednesday, about 8,950 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
